In the latest sell-off from Xihe creditors in Singapore, Eyal Ofer-led Zodiac Maritime has snapped up two VLCCs, the 2011-built Wu Tai San, now renamed Cyan Nova and sister ship, Kun Lun San, now renamed Cobalt Nova. Splash understands the ships fetched about $35m each.
This is the third time in as many years where Zodiac has flexed its financial muscle, adding distressed tanker assets.
Last year Zodiac did a similar move, snapping up distressed assets from another fallen tanker giant, winning the bid for two slightly younger VLCCs Brightoil Grace (2012) and Brightoil Grace (2013) while in 2018, Zodiac took six tankers in another bank-driven sale, adding ships from another broken giant, Gregory Callimanopoulos’s Trade and Transport.
Further Xihe tanker sales are being readied this week by the judicial managers of the company.